THE PROVIDENT LIFE ASSURANCE COMPANY

Dominion, Volume 28, Issue 169, 13 April 1935, Page 10

THE PROVIDENT LIFE ASSURANCE COMPANY

Annual Meeting The annual general meeting of The Provident Life Assurance Company was held, in Dunedin on Tuesday, April 9, 1935, at 10.30 a.m. The annual report showed the total new business in the life departments to be £948,525, and in the accident branch £391,050, making a total of £1,339,575. The total premiums received amounted to £238,900/12/6 and the total net income to £296,884/6/10, an increase of £14,640/3/7 over the income for 1933. The amount paid in claims was £107,345/0/10. and the sum of £71,465/1/3 was added to the funds, making the total at the end of the year £1,296,333/12/9. The chairman (Dr. W. S. Roberts), in reviewing the results of the year, drew attention to the fact that the improvement in figures was better than that of any year since 1930. In the ordinary branch an increase was shown in tho now business, the premium in.cotne, and the interest receipts: the effective rate of interest bad slightly improved, and was now £4/7/1 per cent after deducting income tax. Payments to policyholders amounted to £43,068, and the actual death claims were'only 60 per cent, of the expected. The expense ratio had been reduced to 1931 per cent, of the premium income and 13.5 per cent, of the total income. In the accident branch, claims were lighter b.v £ll4O, while the expense ratio was 2 per cent. lower. Premiums in tho industrial branch had increased b.v £B5OO ami interest receipts by £630, the return after reduction of income tax being £4/4/7 per cent., a rate almost identical with that for the previous year. All securities purchased at a premium during the year had been written down to par. Payments to policyholders amounted to £79.377/17/4, a. reduction of £12:743. and, while tlie expense ratio showed a small increase of 4/- per cent., which was only to be expected in view of tlie special expenses in connection with the valuation, the increase in the debit was a record for the company. The report and accounts were adopted, and the meeting closed with a vote of thanks to the directors and staff. At an extraordinary general meeting held immediately after the general meeting it was resolved that the company be registered under “The Companies Act, 1933,” as a eompany’limited by shares and that the company’s name be changed to “The Provident Life Assurance Company, Limited.”—P.B.A.